The Queensland state government has denied that it considered cancelling the Brisbane 2032 Olympic Games after it backed away from a Gabba stadium rebuild.

9News exclusively revealed last night that Queensland ministers received advice in recent days about the cost of cancelling the Olympics, before ultimately deciding to go ahead with the hosting job.

The government was told it would have to pay between $500 million and $1 billion if it abandoned the Olympics.

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The Queensland government has denied that it considered cancelling the 2032 Brisbane Olympic Games. (Angela Wylie)

As well, it would lose $3 billion in federal funding.

The government has since denied that it had mooted a cancellation.

However, Premier Steven Miles has retreated from a government plan for a massive redevelopment of the Gabba.

“I could not commit $3.4 billion of Queenslanders’ money to a new stadium,” Miles said.

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The state government has backed away from a Gabba redevelopment. (AP)

He had previously spoken in support of the redevelopment.

Opposition leader David Crisafulli slammed the change of direction, but also refused to commit to a Gabba rebuild if the LNP is elected to government later this year.

He said instead he would, if elected premier, shift the focus back to infrastructure with an independent delivery authority.

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Meanwhile, the NSW government also put its oar in, with state Treasurer Daniel Mookhey suggesting Sydney could become a two-time host.

“Our record is unmatched and we’ve set a very high standard for Queensland,” he said.

“If they can’t do it, they should give me a call.”

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